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Rights Offering oversubscribed by 39%

MISSISSAUGA, ON, March 12, 2018 /CNW/ - Crescita Therapeutics Inc. (TSX: CTX) ("Crescita") today announced that it completed its rights offering (the "Rights Offering") which expired at 4:00 pm (EST) on March 9, 2018. The Rights Offering will result in the issuance of the full allotment of 7,001,603 common shares of Crescita (the "Common Shares") at a price of $0.53 per share for gross proceeds of approximately $3.7 million.

"We are extremely encouraged with the overwhelming support from our shareholders in this successful rights offering. We are very excited about the future of Crescita and are looking forward to a productive year in 2018," said Serge Verreault, President of Crescita.

As the total number of shares subscribed for exceeded those available under the Rights Offering, Common Shares subscribed for pursuant to the additional subscription privilege will be subject to proration in accordance with the terms of the Rights Offering. The number of Common Shares to which each subscriber is entitled will be communicated to the subscriber by the rights agent (or by the subscriber's broker if the subscriber holds common shares through a brokerage account).

Following completion of the Rights Offering, Crescita will have 21,004,809 Common Shares issued and outstanding. To the knowledge of Crescita, after reasonable inquiry, no persons became an insider of Crescita from the distribution under the Rights Offering.

Bloom Burton Securities Inc. will be paid a commission equal to 1.0% of the gross subscription proceeds received by Crescita from the exercise of rights, other than those rights exercised by insiders of Crescita or in connection with certain backstop commitments. The exact amount to be paid will be announced once this information is available.

The net proceeds of the Rights Offering will be used as additional working capital and to provide additional sources of financing for potential business development initiatives. As previously disclosed, Crescita is seeking to in-license or acquire commercial or late-stage topical OTC or prescription assets for skin conditions in either the aesthetic or medical dermatological market. While the Rights Offering is not being conducted to raise financing for any specific transaction, Crescita believes that it is in the best interest of its shareholders for the Company to have sources of capital available to capitalize on potential transactions that may arise as a result of its ongoing evaluation.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or a sale would be unlawful.

About CrescitaCrescita (TSX: CTX) is a publicly traded, Canadian commercial dermatology company with a portfolio of non-prescription skincare products for the treatment and care of skin conditions and diseases and their symptoms and prescription drug products for the treatment of pain. Crescita owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active drugs into or through the skin. For additional information, please visit www.crescitatherapeutics.com.

Forward-Looking StatementsThis news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information can be identified by words such as: "expect", "intend," "plan," "seek," "believe," "estimate," "future," "likely," "may," "should," "will" and similar forward-looking language. The forward-looking information contained in this news release is based on a number of assumptions which we believe to be reasonable, including assumptions relating to the completion of the rights offering and the timing thereof, the completion of the backstop commitments in accordance with their terms, the amount of proceeds raised and the expected use of proceeds. Forward-looking information entails various risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking information. Risks that could cause actual results to differ materially from those expressed or implied in the forward-looking information contained in this press release include, but are not limited to, that Crescita may not have sufficient additional sources of capital following completion of the offering, that Crescita may not be able to find a suitable use of the proceeds of the rights offering, the level of dilution that will be experienced by shareholders who do not exercise all or a portion of their rights, failure of the backstop purchasers to fulfill their obligations under the rights offering, failure to complete or a delay in the rights offering for any other reason, the lack of a trading market for the rights developing and the trading price of the common shares following completion of the offering. In addition, general risks relating to capital markets, economic conditions, regulatory changes, as well as the operations of our business may also cause actual results to differ materially from those expressed or implied in such forward-looking information. Forward-looking information is not a guarantee of future performance, and management's assumptions upon which such forward-looking information are based may prove to be incorrect. Investors are cautioned not to place undue reliance on any forward-looking information contained herein. Crescita disclaims any obligation to update or revise any forward-looking information contained in this news release, whether as a result of new information, future events or otherwise, except to the extent required by law.